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When you first took out your life insurance policy, it may have given enough cover for your needs at the time. You might have taken out a policy for a mortgage, for example. Things can change with time though.
You may have taken out a further loan, to move to a bigger home or make some renovations. Or maybe you’ve got a young family and want to make sure they can continue to live comfortably if the unexpected happens.
If you can't change your original policy, there is always the option of buying further cover to make sure all your needs are met.
If you’re able to make changes to your existing policy, it might be worth exploring that option and keeping everything in one place. You may also benefit from better terms – after all, your insurer already knows you.
There’s no limit to how many policies you could have, but it might be expensive to maintain premiums on policies you don’t fully need. It’s worth doing your homework to see how much cover you could afford, and that will get you the cover you’re looking for.
Yes, couples or business partners may also take out multiple joint life insurance policies. Each will pay out just once if a valid claim is made, either upon the death of one or both policy holders.
Whether the claimant is your life or business partner, a payout may help to support them with any financial responsibilities they might have in future.
While there’s no limit to how many life insurance policies you can have, there isn’t an ideal number either. Whether it’s a single or joint policy, the priority is getting the reassurance you need at a cost that works for you.
You might choose to purchase different types of life insurance from several providers. Life insurance can become more expensive as you age, so consider comparing insurance plans before buying more cover.
It may be worth speaking to your current insurer on whether you should change your existing policy or buy more cover with them. This might help you get better terms.
Whatever you decide on, make sure you understand the policy’s terms, conditions and costs before you buy.
Our life insurance is provided by Scottish Widows - who are also part of Lloyds Banking Group. They are our life insurance experts, helping to protect what matters most for over 200 years.
To be eligible for life insurance with Scottish Widows, you must be a UK resident aged between 18 and 59. Cover can be provided up to the age of 69.
There are several reasons why you might want to consider additional cover, even if your existing policy has given you enough cover until now:
You can take out multiple life insurance policies with us, as long as the total cover amount is less than £500,000. You might also want to think about complementary types of insurance, such as critical illness cover.
It can depend on the provider, but most insurance companies will allow you to take out more than one policy, as long as you don’t exceed the maximum payout threshold. At Halifax, that’s up to £500,000.
It’s worth remembering that life insurance has no cash in value at any time. If no claim is made during the term, the policy will end and you’ll get no money back. If you don’t pay your premiums on time, the policy will end and you’ll get no money back.
This depends on whether your current life insurance policy meets your needs. If so, you might not need to purchase another form of cover. However, if your circumstances have changed, or you’d simply like to provide for your loved ones if you were to unexpectedly pass away, additional life insurance could be an option.
If your current policy is flexible, it could be preferable to make some changes to your cover. Just make sure you explore all available options before you decide on an additional life insurance policy.
If you have more than one life insurance policy, yes. Your beneficiaries will be able to make claims against any active life insurance policies if you pass away. It’s important to remember that a maximum payout threshold may be in place if you have multiple policies with the same insurer.